Advance tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 June 2018 Dear Experts,

We have a pvt. ltd. company in IT service. annual turnover for fy 2018-19 will be within 2 crore. Should i pay advance corporate tax in 4 installments or can i pay the corporate tax within 31st march in 1 installment? please advice.

ALKESH T MEHTA

ALKESH T MEHTA (Expert)
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15 June 2018 Have you opted for presumptive tax U/S 44AD?If.so,you income is presumed @8% on your turnover i.e.Rs.1600000/-& on that you can pay income tax before 15th March,2019

Expert : Anonymous

Expert : Anonymous (Expert)

15 June 2018 Yes... You can pay installment wise or Whole amount in single pay before 15th March 2019...

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Expert : Anonymous

Expert : Anonymous (Expert)

15 June 2018 Yes... You can pay installment wise or Whole amount in single pay before 15th March 2019.. By - RAJA P M...

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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16 June 2018 Company not eligible to adopt presumptive. Income , you have to pay advance tax first installment by 15th June 2018.
The following persons or individuals are eligible to avail of the presumptive taxation scheme under section 44AD

Any individual who is a resident of India
Hindu Undivided Families (HUFs) who are residents of India
A partnership firm that is resident to India